Egypt’s core Islamic institution contests a bill on Islamic bonds, saying it is not compliant with Sharia law that prohibits usury. Members of the Islamic Research Academy, one of Al-Azhar's affliated institutes, say they reject a bill on Islamic bonds (sukuk) recently approved by Egypt’s Cabinet.
The institute declared that it rejects the bill because “it is not compliant with Sharia rules and threatens the state sovereignty.”..............................................Full Article: Source